29 December 2017

HOT ROCKS INVESTMENTS PLC

 

("Hot Rocks" or the "Company")

 

UNAUDITED INTERIM FINANCIAL INFORMATION FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

CHAIRMAN'S STATEMENT

 

I hereby present the interim results for the Company for the six months ended 30 September 2017.

 

The Company is an active investor largely in junior natural resources companies. We have continued to see improvement during the period in the interest shown in exploration companies and we look forward to reporting on developments in the portfolio in due course.

 

The Company made a total comprehensive loss of GBP10,259 for the period, compared to a total comprehensive income of GBP236,459 for the same period last year. The Company will not be paying a dividend.

 

Cash at bank as at 30 September 2017 was GBP7,446 (30 September 2016: GBP14,039).

 

We hold stakes in the following entities:

 

Brazil Tungsten Holdings Limited

Copper Bay Limited

Elephant Oil Limited

Block Energy (formerly Goldcrest Resources plc)

Impact Oil & Gas Limited

Mafula Energy Limited

MedGold Resources Corp

Minergy Limited

Rift Resources Limited

New Horizon Oil & Gas Limited (trading as t5)

Royal Road Minerals Limited (formerly Tigris Resources Limited)

Upland Resources Limited

N4 Pharma PLC

Jangada Mines PLC

 

Brian Rowbotham

Non-Executive Chairman

 

 

The Directors of the issuer are responsible for the content of this announcement.

 

For further information please contact:

 

Hot Rocks Investments plc

Gavin Burnell: 020 73828417

 

Peterhouse Corporate Finance Limited

Guy Miller: 020 7220 9796

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

 

			6 months To 30 September 2017 Unaudited	6 months To 30 September 2016 Unaudited
Continuing operations			£	£
Revenue			-	-
Share based payment			(115,600)	-
Operating expenses			(24,354)	(21,543)
Other gains			18,510	1,353
			_______	_______
Profit/(Loss) from operations			(121,444)	(20,190)
Interest receivable			4	1,648
			_______	_______
Profit/(Loss) before taxation			(121,440)	(18,542)
Income tax expense			-	-
			_______	_______
Profit/(Loss) for the period			(121,440)	(18,542)
			_______	_______
Other comprehensive income
Reclassification of cumulative gains on available-for-sale financial asset due to disposals				-
Fair value gains/(losses) on available-for-sale financial assets			111,181	255,001
			_______	_______
Total comprehensive income/(loss) for the period			(10,259)	236,459
			_______	_______
Earnings per share (pence) Basic			-	0.14
Diluted			-	0.13

 

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC  CONDENSED STATEMENT OF FINANCIAL POSITION

 AS AT 30 SEPTEMBER 2017

 

 

		As at	As at
		30 September	30 September
		2017	2016
		Unaudited	Unaudited
Assets
		£	£
Non-current assets
Available for sale financial assets		945,220	964,170
		_______	_______
		945,220	964,170
		_______	_______
Current assets
Other receivables		-	21,356
Cash and cash equivalents		7,446	14,039
		_______	_______
		7,446	35,395
		_______	_______
Total assets		952,666	999,565
		_______	_______
Equity and liabilities
Equity
Called up share capital		173,602	173,602
Share premium account		1,174,631	1,174,631
Shares based payment reserve		115,600	29,738
Other reserves		66,209	221,651
Retained loss		(677,134)	(698,964)
		________	________
		852,908	900,658
		_______	_______
Current liabilities
Trade and other payables		99,758	98,907
		_______	_______
Total equity and liabilities		952,666	999,565
		_______	_______

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC CONDENSED CASH FLOW STATEMENT

 FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

	6 months to	6 months to
	30 September	30 September
	2017	2016
	Unaudited	Unaudited
	£	£
Cash flows from operating activities
Operating profit/(loss)	(10,259)	236,459
Adjustments:
Fair value adjustment of available-for-sale financial assets	(111,181)	(255,001)
(Loss) / Gains on disposal of available-for-sale financial assets   Charge for share based payments   Finance income	-     115,600   (4)	(1,353)     -   (1,648)
Movements in working capital:
Decrease/(increase) in trade and other receivables	720	(2,739)
Increase/(decrease) in trade and other payables	(1,738)	7,990
	_______	_______
Net cash used in operating activities	(6,862)	(16,292)
	_______	_______
Cash flows from investing activities
Proceeds from disposal of available-for-sale financial assets	2,088	14,978
	________	________
Net cash used in investing activities	2,088	14,978
	________	________
Cash flows from financing activities
Interest received	4	1,648
	________	________
Net cash from financing activities	4	1,648
	________	________
Increase/(decrease) in cash and cash equivalents	(4,770)	334
	________	________
Cash and cash equivalents at the beginning of the period	12,216	13,705
	________	________
Cash and cash equivalents at the end of the period	7,446	14,039
	________	________

 

 

 

 

 

 

HOT ROCKS INVESTMENTS PLC ACCOUNTING POLICIES

 FOR THE PERIOD ENDED 30 SEPTEMBER 2017

 

1 Financial Information

 

The financial information set out above does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS) as adopted by the European Union.

 

The accounting policies used in the preparation of this set of condensed interim financial statements are consistent with those set out in the Company's annual financial statements for the year ended 31 March 2017. Statutory accounts for the year ended 31 March 2017 were approved by the Board of Directors on 31 August 2017 and delivered to the Registrar of Companies. The report of the independent auditor on those accounts was unqualified. 

 

 The financial information for the six months ended 30 September 2017 has not been reviewed by the Company's auditor. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.

 

 Risks and Uncertainties

 

 The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those discussed in the Financial Statements to 31 March 2017.

 

Critical accounting estimates

 

The preparation of the condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to estimates are set out in the accounting policies of the Company's Financial Statements to 31 March 2017.